Experts are becoming cautiously optimistic with regards to the increase in activity within the housing and secured loan or mortgage markets, as the latest figures from the National Association of Estate Agents (NAEA) and the British banking Association (BBA) have revealed that confidence levels amongst potential home buyers seems to be on the rise, resulting in an increase in the number of sales which are completing from estate agents and also an increase in the number of secured loans which are being approved by lenders.
The NAEA has seen an increase in sales to the same level as this time last year, with an average of around eight cases per agent during the month of February, around 25 per cent of this figure is made up of first time buyers. At the same time, the BBA has announced that the total number of new loans for house purchase increased to £3.9 billion in February, with a total number of 28,179 secured loans being approved over the course of the month, up from 24,278 in the previous month.
Although the figures for the number of loans is around one third lower than it was at the same time last year, experts are still confident that we are now seeing signs of slight improvement, leading up to what is traditionally the best time of year for people buying houses.
The President of the NAEA, Chris Brown, was confident for the future, he said “The housing market has had a devastating year, but now prices are lower than they have been for a long time and there are bargains to be had. These little signs add up to a glimmer of light at the end of what has been a long and difficult tunnel.”